The pattern on the Monthly Chart sums up Coffee recent action over the past month – an Indecisive Spinning Top! We are down 1.35 since last time of writing and much like Sugar – this commodity is caught between two forces though the other way around from Sugar! Support is primarily dynamic & in the form of the Long Ma (currently 186.47) but also abetted by the seemingly important 50% Fib of the 1997 – 2002 move at 179.72! This was especially interesting earlier in Nov on the 10th when we had a great Key Reversal Down on the Daily Chart above – closing below the Long MA support at that time.
However, due to the proximity of the 50% Fib at 179.72, prices immediately reversed back up the next day & rose eventually to the Nov high! Resistance is in the form of the nearby Sep – Oct 50% Fib at 200.84 which acted as overhead resistance after the market rose from the Nov low! Support numbers are currently at 186.47, 182.56, 179.72, 176.15, 174.00 & 169.29.
Resistance numbers are currently at 189.43, 193.42, 195.01, 200.84 & 203.71 – 205.27. There are not that many dates that show significance ahead so I just add that I am reducing the bullet point above on the Daily Chart into neutral.
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